Q1 2026 Quarterly Data Load and updates

This quarterly update introduces several structural improvements to fixed income data and an improved estimation pipeline for private equities.

Expected date of changes: 30 March 2026

Summary of changes

• Quarterly re-processing of all asset classes with the latest company disclosure and financial data (data synced February 2026)
• Fixed income emissions are now processed by fiscal year, providing a point-in-time representation of each bond's state across FY 2020–2025
• Private equity coverage has increased from ~64,500 to ~74,400
• Updated sovereign financial and emissions data for government bonds
• NGFS scenario sector allocation fix — global wealth and debt values were previously assigned at 100% to each sector instead of their proportional share (~15–45%), causing a conservative overstatement of risk. All 7 NGFS scenarios corrected
• Fiscal years added for corporate debt and public equity projection datasets

S&P 500 Impact Analysis

All 500 companies remain in the universe (373 updated, 127 unchanged, 0 new, 0 closed).

FY 2024 (most recent complete year)

Emissions show modest increases across all scopes (~6% for scope 1, ~1% for scope 2, ~5% for scope 3), reflecting updated estimates and new reported data from the latest disclosure season. PCAF scores improved meaningfully (S1: 2.53 → 2.22, S2: 2.54 → 2.23, S3: 2.80 → 2.61), indicating higher data quality as more 2024 reported data replaces estimates. NGFS reductions and PCL metrics decreased slightly, consistent with the sector allocation fix that corrected a previous overstatement of transition risk.

Record Update Statistics

Emissions & Climate Risk

Public equity records for FY 2025 nearly tripled (3,250 → 9,146), with 5,897 new records added as 2025 reporting data is ingested. Private equity saw a similar pattern (461 → 1,835).Fixed Income Changes

Fiscal year history

Corporate and government debt emissions are now processed by fiscal year. The underlying equity or sovereign financial and emissions data, along with the outstanding amount for each period, are aligned to create a point-in-time accurate representation of the bond's state. Each security now carries multiple rows (one per fiscal year from 2020 onwards), replacing the previous single-row-per-security structure.

As a result of this change, securities that matured before 2020 have been dropped from the universe. The corporate bond universe has moved from ~659k to ~436k securities, and government bonds from ~266k to ~183k securities. While the headline security counts are lower, the total data coverage is richer, each remaining security now has up to 6 fiscal years of data.

Sovereign data refresh

Underlying sovereign financial and emissions data has been refreshed for this run, reflecting the latest available country-level data.

NGFS Climate Risk Fix

An issue in the NGFS scenario data was identified where global wealth and debt values were being assigned to each sector at 100% instead of their proportional share (~15–45%). This caused transition risk to be overstated (a conservative error), as companies appeared less efficient relative to inflated global benchmarks. The fix correctly proportions sector wealth/debt allocations. Impact was limited, less than 5% of risk rows were affected. All 7 NGFS scenarios have been corrected (Net Zero 2050, Below 2°C, Delayed Transition, Fragmented World, Current Policies, NDCs, Low Demand).

‍